President Biden Lowers Prescription Drug Costs as Trump Rails Against Affordable Health Care
February 1, 2024
Following President Biden’s announcement today to hold Big Pharma accountable and deliver for America’s seniors, DNC Rapid Response Director Alex Floyd released the following statement:
“President Biden took on Big Pharma and won, and now he’s delivering on his promise to lower prescription drug costs and ensure Americans can access the critical health care they deserve. While Donald Trump and MAGA Republicans want to strip away Medicare’s ability to negotiate for fairer drug prices and put Big Pharma back in charge, President Biden is taking on special interests and putting hardworking families first.”
NEW: Under President Biden, Medicare is sending initial offers to manufacturers to negotiate lower drug prices.
USA Today: “Aiming to make life-saving medications more affordable, the Biden administration on Thursday sent offers to drug companies who make 10 widely prescribed drugs for older Americans.”
New York Times: “The medicines selected for negotiations are taken by millions of Americans to treat conditions like diabetes, cancer and heart disease. … The initial round of price offers is a key step in the negotiation process.”
MAGA Republicans cut a critical provision in the Inflation Reduction Act that would have lowered the cost of insulin for private insurers to $35/month.
CBS News: “Senate Republicans on Sunday blocked a $35 monthly cap on the cost of insulin in the private market from being included in Democrats’ economic tax and spending package, voting down an amendment to the measure during a marathon session leading up to what Democrats hope will be final passage of the bill.”
The Hill: “Senate Republicans on Friday introduced a bill that would roll back the drug pricing reforms included in the sweeping Inflation Reduction Act, including the measures allowing Medicare to negotiate drug prices and capping annual drug expenses for many seniors.”
“The bill allows Medicare to negotiate drug prices for the first time in the program’s history. It also placed a $2,000 out-of-pocket cap on annual drug costs for seniors on Medicare, as well as a $35 monthly cop for insulin. … If passed, the bill states it would make it so that the drug pricing measures in the Inflation Reduction Act ‘had never been enacted.’”
Axios: “Some key House Republicans are calling for the repeal of Democrats’ newly-passed drug pricing measure if the GOP flips control of one or both chambers of Congress next year. Why it matters: The comments show Republicans are not giving up the fight against sweeping measures aimed at lowering prescription drug prices, and give a glimpse of what their health agenda could look like.”
MAGA Republicans in Congress continue to put giant pharmaceutical companies ahead of American families by fighting to gut key parts of the Inflation Reduction Act that lower health care costs.
White House Fact Sheet: “By 2031, repealing this provision would:
Cost seniors $7 billion per year.
Increase federal deficits by $14 billion per year.
Give away over $20 billion to pharmaceutical companies per year.”
White House Fact Sheet: “Monthly insulin costs for Medicare beneficiaries are now capped at $35—providing certainty and critical cost savings for seniors who in some cases were paying as much as $400 for a month’s supply of insulin. The Republican Study Committee budget, as well as the House Budget Committee-passed budget plan, propose to repeal this and other IRA drug price reforms. Repealing this provision would mean the 1.5 million Medicare beneficiaries who use insulin could see their annual costs rise by an average of $500.”
White House Fact Sheet: “Blocking implementation of the president’s international tax reform proposals means: Protecting a system in which Big Pharma can lower its taxes to under 12% by shifting profits offshore.”
While in office, Trump attempted to limit consumer choice by trying to stop the federal government from seizing patents on expensive drugs.
STAT News: “In a little-noticed move, a [Trump] Commerce Department unit has proposed a new rule that would prevent the federal government from using a controversial legal provision known as ‘march-in rights’ to combat the high prices of products developed with taxpayer dollars. And if adopted, the change may rob Americans of a tool that could be used to lower prescription drug costs, according to consumer advocates.”
Trump is hellbent on repealing the Inflation Reduction Act and rolling back the progress made for American families.
Insider: “Former President Donald Trump on Friday slammed the Democratic-led climate, health, and tax bill, arguing that Republican Senate Minority Leader Mitch McConnell of Kentucky was ‘taken for a ride’ by Sen. Joe Manchin of West Virginia.”
Trump continues to campaign on a MAGAnomics agenda that would rip away health care from millions of Americans.
Daily Beast: “Trump Revives Plan to Dismantle Obamacare if Elected in 2024”
Mediaite: “‘OBAMACARE SUCKS!!!’ Trump Rants About New Plan — Years After He Promised It Was ‘Two Weeks’ Away”Trump: “The cost of Obamacare is out of control, plus, it’s not good Healthcare. I’m seriously looking at alternatives. We had a couple of Republican Senators who campaigned for 6 years against it, and then raised their hands not to terminate it. It was a low point for the Republican Party, but we should never give up!”